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< Photo: nickel sulphidegossan, Polar Bear
Explorers 2010Fremantle
Mark BennettManaging Director
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Key points
A new greenfields base and precious metal exploration company with a focus on nickel
One of the largest unexplored ground positions in WA(Polar Bear, Lawlers, Collurabbie, Fraser Range, Youanmi)
Neighbours include BHP, Xstrata and Norilsk
Experienced team ‐ LionOre, BHP, WMC, Anglo American, Falconbridge
Track record of opportunity recognition, discovery and development (Thunderbox, Waterloo, Lounge Lizard, West Raglan, The Horn, Banfora etc.)
Mark Creasy is major shareholder and joint venture partner
Broad shareholder base in USA, UK, Europe and Australia
Commenced initial exploration on multiple fronts – gossans, EM conductors, soil anomalies and mag targets under cover
Progressing new opportunities
Summary
Photo: freddite – an indicator of prospectivity for VMS Cu‐Zn deposits, Youanmi >
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The teamMark Bennett, Managing Director & CEOGeologist, 20 years experience with WMC and LionOre2003 Prospector of the Year
Jeff Foster, Non‐executive Director and ConsultantGeologist, 20 years experience with WMC, BHPFounding partner of Geodiscovery consultancyAssociate Professor at CODES, Tasmania
Steve Lowe, Non‐executive ChairmanAccountant and tax specialist, 15 years experienceBusiness manager for Mark Creasy (Sirius’ main shareholder)
Dave Peck, Technical ConsultantGeologist, 20 years experience, Falconbridge, Anglo AmericanEx Global Commodity Leader – Nickel for Anglo AmericanRecipient of Canadian IMM’s Barlow Medal
Mark Creasy, major shareholder and joint venture partnerRenowned prospector and mining entrepreneurInaugural Prospector of the Year
People
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CorporateShares on issue 1,623 million
Unlisted options 755 million (exercisable @3c)
Market capitalisation A$14.5 million (@0.9cps)
Cash A$5.0 million (as per Dec ’09 quarterly)
Debt Nil
Substantial shareholders Mark Creasy 29%
Note: sale of unmarketable share parcels commenced on 22nd
January 2010 to rationalise legacy shareholders and corporate costs. This closes on 5th March 2010
Corporate information
Photo: secondary copper staining in soil profile, Polar Bear >
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The story so far
Sep ‘09 Completion of transaction:A$7 million capital raisingAcquisition of Creasy and Apex projectsBoard restructuredName changed to Sirius Resources NLEarned 70% interest in Lawlers Nickel JV with Barrick
Oct ‘09 Commenced exploration on new projects
Nov ‘09 Identified 8 EM conductors at Lawlers
Jan ‘10 Commenced sale of unmarketable share parcels
Feb ‘10 Agreement to purchase 100% of Polar Bear from BarrickNickel targets in aeromagnetics at CollurabbieNi‐Cu‐Co anomalies in soils at Fraser RangeUranium anomalies in radiometrics at Lake WellsNickel sulphide gossan at Polar Bear
History
Photo: mapping layered intrusion, Youanmi >
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The projects
Gold
ProjectsWA is the epicentre of Australian nickel endowment and production with world class mines at Kambalda, Leinster and Mt.Keith
Also some of the highest grade komatiitehosted nickel mines in the world – Cosmos, Silver Swan, Flying Fox/Lounge Lizard
Producing VMS copper‐zinc mines at Golden Grove and Teutonic Bore/Jaguar
New VMS Cu‐Zn discoveries at DeGrussa, Austin, Just Desserts, Manindie, Bentley
Plus 200 million ounces of gold production, the worlds largest calcrete hosted uranium deposit, iron ore, bauxite and diamonds
Relatively unexplored areas prospective for analogues to Raglan, Thompson and Voisey’sBay nickel sulphide styles
Sirius has extensive holdings in key producing districts and emerging provinces
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Polar BearAgreement to purchase Barrick’s interest, giving Sirius 100% ownership
Contains the strike extensions of the gold prospective Higginsville trend (which controls Avoca’s Trident deposit) and the nickel prospective Kambalda and Widgiemoolthaultramafic stratigraphy
Extensive cover, long history of complex ownership structures and partial commodity rights have precluded effective nickel exploration
Ownership issues now resolved
Nickel sulphides reported 40 years ago at Halls Knoll – and confirmed more recently by others
Initial focus is to verify this, integrate previous datasets and define the extent and location of basal contact zones as a precursor to drilling
Conductive salt lake sediments will make exploration challenging, but not impossible
Halls Knoll
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The gossanat Halls Knoll
Polar Bear
Serpentinite
Halls Knoll gossan: hematite, limonite, silica,and secondary copper minerals
Gossan
Talc carbonate
Serpentinite
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1
10
100
1000
10000
100000
0 1 2 3 4
Ni %
Pd ppb
False Gossans
True Gossans
Sirius Gossan
Polar BearHalls Knoll gossan contains very high levels of Ni, Cu, Pt and Pd compared to most known nickel sulphide gossans in WA
It is undoubtedly derived from massive nickel sulphide mineralisation
This confirms the fertility and the prospectivity of the ultramafics at Polar Bear
BUT….It may be structurally remobilised and spatially detached from its source
Exploration will focus on locating the basal contact and the primary source of this gossan, which may be up to 1‐2km away
Assays by Genalysis Laboratory Services, Perth – preliminary only
0.47% Ni, 2.34% Cu, 3.67g/t Pt, 8.18g/t Pd
1.05% Ni, 0.7% Cu, 3.82g/t Pt, 3.84g/t Pd
1.02% Ni, 3.12% Cu, 2.02g/t Pt, 5.04g/t Pd
1.18% Ni, 0.31% Cu, 0.13g/t Pt, 0.51g/t Pd
0.63% Ni, 0.59% Cu, 1.86g/t Pt, 1.93g/t Pd
0.2% Ni, 0.44% Cu, 3.95g/t Pt, 10.6g/t Pd
0.23% Ni, 0.42% Cu, 1.46g/t Pt, 21.05g/t Pd
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LawlersTwo nickel JV’s with Barrick: earned 70% interest in ’06 JV and earning 70% interest in ’08 JV
250 km2 and 80 strike km of nickel prospective ultramafic rocks
World class nickel district – surrounded by BHP (Rocky’s Reward, Perseverance, Mt.Keith), Xstrata (Cosmos, Prospero, Sinclair), Norilsk (Waterloo)
Not systematically explored for nickel sulphide since 1978 – contact virtually untested!
Targeting small, high grade massive sulphides (>1mt @ 5‐10% Ni) – low capex, high margin ore
EM coverage now 60% ‐ 8 EM conductors identified to date – EM to restart in March
Drilling planned in 2Q10
Includes exclusive option to purchase 70% of the Mt.Margaret nickel laterite for A$15 million
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EM survey early to late time channel animation (channels 15, 20, 25, 30, 35)
Early time anomalies may relate to surface, weathering and groundwater effects
Late time anomalies relate to deeper and/or more electrically chargeable features
These anomalies are more likely to be related to conductive bedrock bodies such as massive nickel sulphides, pyrite bodies and black shales
This survey (one of four) shows one strong, one moderate and one weak conductor on the interpreted down dip position of the basal contact, within an otherwise resistive ultramaficunit
Lawlers
Outline of ultramafic hostrock
Prospective basal contact
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CollurabbieRecently granted tenements along strike from Falcon’s Olympia Ni‐Cu‐PGM discovery, and covering other potential repetitions
Virtually unexplored and under cover
15 strike km of prospective stratigraphy along strike to the north of Olympia and 25 strike km of prospective stratigraphy to the north east of Olympia
Raglan‐style mineralised intrusive ultramaficsills at Olympia
New ultradetailed aeromagnetic survey has highlighted numerous targets which may be buried ultramafic sills
Drilling planned for mid 2010 to verify targets (ie, ultramafic sills) and define areas for EM surveys
EM to prioritise targets
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Collurabbie
New nickel targets in ultradetailed aeromagnetics: magnetic anomalies possibly related to buried ultramafic sills
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Fraser Range400 strike km of the Proterozoic Albany‐Fraser mobile belt
Strongly metamorphosed and deformed belt prospective for Thompson style nickel sulphides
Unexplored apart from regional spaced geochemical sampling
This sampling has defined several regional Ni‐Cu anomalies in calcrete
Infill soil sampling of three of these has defined coincident Ni‐Cu+/‐Co anomalies at Talbot, Talbot 1 and Gnama South
RC drilling scheduled to commence in early April
Infill soil sampling is continuing elsewhere (GSWA, Buningonia and Transline regional anomalies) to generate a pipeline of drilling targets
Area of enlargement
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Fraser Range
Gnama South soil anomaly: 2 Ni‐Cu soil anomalies, one Ni‐Cu‐Co soil anomaly, each 200‐300m long
2km
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Fraser RangeTalbot soil anomaly:
Coincident 300m long Ni‐Cu‐Co soil anomaly on north eastern margin of high nickel background zone(= ultramafic body?)
Talbot 1 soil anomaly:
Discrete 500m long coincident Ni‐Cu soil anomaly with offset Co anomaly
1.5km
800m
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YouanmiKnown Ni‐Cu‐PGM occurrences at Currans
Known VMS deposits at Just Desserts (Cu‐Au) and Manindi (Zn)
Known lode gold at Youanmi
Multiple targets – magmatic Ni‐Cu‐PGM, VMS style Cu‐Zn, contact style skarns and lode gold
A “forgotten” area – very little effective broad spectrum broad acre modern era exploration
Low cost, low impact geochem works well
Initial results of soil sampling of the ManindieNorth VMS target, PGM target and the contact zone target are imminent
RAB drilling planned in March/April to map VMS stratigraphy and test shear zones for gold
Areas of recent soil sampling:
VMS target
Lode gold targets
Contact target
PGM target
Feeder target
VMS targetVMS target
VMS target
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The projects
Lake Wells2,800 km2 of tenements
Most north‐easterly greenstone belt in Yilgarn craton
Under‐explored and partly under cover
Contains major shear zones (gold), BIFs (iron) and calcrete (uranium)
Uranium over thorium squared anomaly in public data
Recent airborne radiometric survey has confirmed three uranium anomalies
Each anomaly is 3‐5km long and 1‐3km wide
Uranium is related to calcrete in a palaeo‐drainage system
Aircore drilling planned for mid 2010 to quantify uranium concentrations
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Surface sampling, mags, EM and preliminary drilling at Polar Bear
EM and drilling selected conductors at Lawlers
Geochem and drilling Ni‐Cu first two soil anomalies at Fraser Range
Scout drilling and EM of Ni‐Cu‐PGM aeromagnetic targets at Collurabbie
Soil sampling, EM and drilling VMS Cu‐Zn soil anomalies at Youanmi
RAB drilling lode gold targets at Youanmi
Follow up of uranium anomalies at Lake Wells
Plus:
Initiatives to enhance existing exploration projectsComprehensive evaluation of global opportunities
Summary: news flow on multiple fronts over next six months
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Competent Persons Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Dr. Mark Bennett, who is an employee of the company. Dr. Bennett is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Bennett consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
Exploration results are based on standard industry best practices, including sample collection, sample preparation, assay methods, and appropriate quality assurance quality control (QAQC) measures. Reverse circulation (RC), aircore and rotary air blast (RAB) drilling samples are collected as 1 metre samples and composited where stated. Core samples are taken as half core sampled to geological boundaries where appropriate. All samples are prepared using four acid digest, lead collection or nickel sulphide collection fire assay, and assayed using inductively coupled plasma mass spectrometry (ICPMS), inductively coupled optical emission spectrometry (ICPOES) or atomic absorption spectrometry (AAS) at Genalysis Intertek and Ultratrace laboratories in Perth, Western Australia. The accuracy and precision of analytical results is monitored by the use of internal laboratory procedures and certified standards and subsequent statistical analysis to ensure that results are representative. Where stated, third party exploration results reference the original published source.
Mineral Resources, where stated, have been estimated using standard accepted industry best practices, as described in each instance. Top cuts have been applied to the composites based on statistical analysis and consideration of the nature and style of mineralization in all cases. Where quoted, Mineral Resource tonnes and grade, and contained metal, are rounded to appropriate levels of precision, which may cause minor apparent computational errors. Mineral Resources are classified on the basis of drillhole spacing, geological continuity and predictability, geostatistical analysis of grade variability, sampling analytical spatial and bulk density QAQC criteria, demonstrated amenability of mineralization style to proposed processing methods, and assessment of relevant economic criteria.
Competent Persons statement
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DisclaimerCertain statements contained in this presentation, including information as to the future financial or operating performance of Sirius Resources and its projects, are forward‐looking statements. Such forward‐looking statements:
are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by Sirius Resources, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;
involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements; and
may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, ore reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.
Sirius Resources disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise.
The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and other similar expressions identify forward‐looking statements.
All forward‐looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Disclaimer
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